NewsMontenegro's fiscal strategy: Sustaining stability amid economic flux

Montenegro’s fiscal strategy: Sustaining stability amid economic flux

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Montenegro’s Ministry of Finance, led by Novica Vuković, has made it clear that there are no plans to raise the value-added tax (VAT). In an interview with “Dan,” Vuković emphasized their commitment to maintaining the current VAT rate of 21%, citing it as a crucial element in preventing price hikes associated with VAT adjustments.

To ensure alignment with EU directives, the Ministry has formed an interdepartmental working group tasked with proposing amendments to the Value Added Tax Law. These changes will continue the process of harmonization with EU standards.

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Regarding excise taxes, Vuković acknowledged the frequent fluctuations in fuel prices witnessed throughout the year. He assured that the government stands ready to implement measures to stabilize prices should significant increases occur in global oil markets.

In terms of tax policy, the Ministry is exploring avenues to broaden the tax base, aiming to enhance revenue generation while ensuring fairness and efficiency in tax collection.

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Additionally, there is significant interest in implementing the Law on Waiving Interest on Due Debts, a measure aimed at providing relief to taxpayers burdened by accumulated interest on overdue debts.

On the fiscal front, preliminary data for the first four months indicates positive revenue collection trends, surpassing both previous-year figures and budgeted expectations. This achievement, coupled with a budget deficit of around five million euros, showcases promising fiscal stability and prudent financial management.

Looking ahead, the Ministry remains vigilant, closely monitoring global economic trends and ready to adapt policies to safeguard the country’s financial health and promote sustainable economic growth.

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